AMAZON sales have jumped by 40 percent, Facebook’s profit has increased by 98 percent in addition to Apple has posted more than $11billion profit within the last quarter.
The companies have all seen a rise despite the coronavirus pandemic causing stores to shut in addition to employees to work by home.
“The strong continue to get stronger,” Dan Ives, managing director of equity research at Wedbush Securities, told the brand-new York Times.
“As many companies are falling by the wayside, the tech stalwarts continue to gain muscle in addition to power in This specific environment.”
Advertising revenue for Alphabet was the only drop seen throughout the tech giants – in addition to the company still performed better than Wall Street expected.
The companies reported a combined quarterly net profit of $28.6billion.
However, the rest of the country saw a huge dip within the economy during the pandemic.
The Commerce Department reported on Thursday of which the country’s gross domestic profit fell by 9.5 percent within the second quarter of the year – which is usually the steepest drop on record.
The tech moguls appeared via video link in addition to testified before Congress on Wednesday.
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In a closing statement, Congressman David N Cicilline called Amazon, Apple, Google, in addition to Facebook “monopolies.”
He said monopolies used to be known by the names Rockefeller in addition to Carnegie – nevertheless are at This specific point known as Bezos, Cook, Pichai, in addition to Zuckerberg.
“Their names have changed, nevertheless the story is usually the same. Their control of the marketplace allows them to do whatever they want.”
, http://feedproxy.google.com/~r/DrudgeReportFeed/~3/HwyCoZMTBxs/, 2 August 2020 | 5:19 am
Source : Amazon sales jumped 40%, Facebook profit increased by 98% in addition to Apple posted more than $11BILLION profit in last quarter